ACCOUNTANT EXPLAINS Important TAX CHANGES in CANADA for 2024 | TFSA, RRSP, FHSA, CPP & Tax Brackets
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- เผยแพร่เมื่อ 30 ก.ค. 2024
- Are you a six-figure Consultant, Coach, or Content Creator in Canada looking to save taxes, increase profits, and build wealth? ⚖️ Balance and Wealth CPA is a tax-specialized accounting firm providing customized tax advice. Get in touch: www.balanceandwealth.com/
00:00 Intro
00:57 New Shocking Changes
03:15 TFSA
04:38 RRSP
06:22 FHSA
08:04 CPP
10:49 Tax Brackets
Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Hard to find canadian spefcific finance content, please continue doing more of these
Seriously, I’m so glad this popped up. US stuff is everywhere and not useful for me but this is ☺️
I agree
I don't know how I stumbled on to your content Gabrielle but I so appreciate the Canadian based information, the details, and how you summarized the information. This is a big contribution and help for so many Canadians. Continued success!
Time STAMP ⏲️ 🏡 🍁
NEW changes 1.02
TFSA 3:16
RRSP 4:38
FHSA 6:23
CPP 8:04
Tax Brakcets 10:49
Your channel is truly a help for many Canadians.
Thank you for this video!!! So helpful in understanding more of the tax code. You helped in this video more than my accountant had in the last two years. As an artist who is self-employed and works short term contracts, I appreciate this so much!
Your video found me and honestly, instant follow. This was a great video and very informative.
Would love to see some videos detailing a tax breakdown for contract workers in Canada/Ontario. Write offs/tax breaks, HST payments, CPP/EI contributions and how to budget on a wavering income.
Thank you so much ❤
Crisp and straight to the point.. Thank you!
Thank you. We need more Canadian content like this! 🍁
This is great. I will be directing clients to this video thank you!
7:37 the FHSA is an investment account, meaning it can grow beyond the 40k. If it grows to 50-60k or more then you can use the full amount.
Was wondering about this. Ty
Of course. And if you don't buy a home, it can get converted into an RRSP.
I didn’t hear it but FHSA is limited to 15 years at which point it must be used or transferred to rrsp
does it really meake a dent though when homes are a million range in t.o
can u use it after u purchase ur first home ot pay off mortageg@@TheNewGreenIsBlue
Great video! thanks for posting!
Nice to have specific Canadian content around education for taxes. I just sub’d. Thanks for posting.
Excellent video as usual from Gabriella! Thank you so much!
Thanks, useful information! I didn't know that you can carry forward unused FHSA room.
Fantastically succinct explanation! Also, the graphics and little examples were pretty helpful.
Subscribed. Thank you 🍁
Super video! Fantastic job Gabrielle!
Thank you for the information Gab. I need an accountant like you.
Thank you, Gabrielle!
Great summary for tax season! Thanks
Thank you, I literally paused the video and submitted an application for a FHSA account. I didn’t know it existed!
I love your channel Gabrielle! Thank you for the great info on this video. Got a new subscribe! Cheers!
This was really great/useful, hope you make a video for every year to come!
Very well articulated. Nicely done.
great video! Thank you!
Thank you 🙏 happy to find a Canadian financial analyst ❤
Awesome video always learning a lot!
Thanks for the information - very helpful!
Succinct, to to the point, and very useful! Thanks, Gabrielle!
This is amazing. Thank you so much for taking the time to make this video!!!
you're welcome!
Thank you for sharing!
Thanks for the summary 😊 great reminder 😊
New subscriber. I love seeing young people making their mark in Canada. Very professional.
I would prefer each point to have an example of how and when to use TFSA vs RRSP. THX FIR TGE INFO!
We are near the deadline for RRSP contribution and your video popped up on my recommendation; soooo timely! Thank you for this video
perfect, make sure to watch my new video going live tmrw for RRSPs!
So well explained. Thank you so much!
Thanks for this. Instant follow:)
This is brilliant, thank you so much!
Amazing summary and very clear, thank you 🙏🏼
Clear, valuable information, thank you for your video!
Thank you for sharing your expertise.
Thank you for the video!
I had to subscribe.... lol.
This was damn good:)!
What a wealth of knowledge thanks so much for putting this together
you're welcome :)
Another notable change is that the faster "flat rate method" for calculating "T777S Statement of Employment Expenses for Working at Home Due to COVID-19" was temporary, and only applies to 2022 but got discontinued for 2023
Thank you for this very helpful video! Will subscribe.
Clear, concise, well done !!! C. Buie
I agree with everyone saying it’s great to finally find pertinent and concise information for Canadians! I subscribed after a few seconds.
I’m from Quebec. So if you could include more info/data for that province amongst the others, that would be super appreciated! Thank you!!
Nice job, Gabrielle. Thank you.
I'm young and no parents to teach me taxes so this kind of stuff is super helpful!
Thank you very much for the info Gabrielle!
Thank you for the video. Very useful information. You are very articulate.
Thank you for this insightful content
Nice concise summary!
Great work!
Short and concise. Great Video again. Thank you Gabrielle!
Thank you!
@@GabrielleTalksMoney Yup, excellent value-for-time ratio.
Thank you for the helpful video 😊
Your content is super useful, to the point and beneficial for all Canadians. Thank you for your time & effort that you put into making these much needed videos. If you could speak a little more calmly & clearly it would be much appreciated. I found my brain was racing to catch up with the speed of your speech and processing the info efficiently. Please don't stop though. Your content is much needed & appreciated by Canadians.
Very educational and helpful :)
Amazing ! Thank you
Thanks for the detailed information. The FHSA is a complete joke though since $40k doesn't even put a dent in a down payment in this country anymore. There are two types of people in this country. People who already own their homes and people who have so much money that they don't need to bother with an FHSA to buy their first home.
Nice to have canadian content. Thank you! New sub 🎉🎉
Great content!
I learnt a lot, thank you for the information
FANTASTIC VIDEO AND INFORMATION! THANK YOU
Thank you for the informative videos..!!
Thank you!
Thank you this was very informative
Thank you so much for this receive. I have made them twice and each time perfect. 🇨🇦
definitely, you are korean, thank you for your all effort
Great video thank you 😊
Great Job!
Thank you for the tax tips.
Can we use both husband and wife’s HBP and FHSA when only one name is on the home buying contract? 如果要用夫妻二人的FHSA HBP，购房合同必须写二人名字吗？还是可以写一个人名就行？
This is really good info. The max limit of 40K in the FHSA however, is completely absurd, as many down payments on houses are over 40K...
You are right. Those with airbnb's are shocked by the changes. Sometimes the over contribution penalties also surprise people, when they start contributing more as they get older.
Well presented video
Start your own enterprise and move out of the E quadrant
Thanks for the information
Considering that a lot of people are working later in life, what are the chances that the Federal Government will change the rules insofar as when one has to convert their RRSP to an RRIF..from 71 to 75 perhaps?
Can you break down the income brackets for each province?
Ridiculous how much tax we pay, cpp amount is also crazy
Thanks for clarifying. Is it possible to explain the new trust rules for '24?
Thanks Gabrielle. 🤟🏼🖖🏼
Very good and informative video. The only thing that unless the rules changed relatively recently, i noticed is that you should clarify that with the FHSA, only a maximum of $8k from the previous year can be carried forward so if you open a FHSA in 2023 and don't contribute for 4 years and then in 2027 you can't contribute $50k, you can only contribute $16k (this is unlike the TFSA where you can carry forward the previous unused accumulated amount).
Thank you!!! I do hope the CRA will have an automatic tax filing when you have a one source of income, like an employee's or retiree's salary. That will makes our life easier as software's for tax fillings are getting more expensive, also the tax consultants. Please let us know if this is available.
Very informative and helpful
Do you have videos on family trust?
Gabrielle, you are so lovely ! 💕
Great video! Thank you! I have been missing tax information, specifically Canadian. Most info these days on finance seems to be USA targeted I find. Specially with finance books.
If you have any books you can recommend on Canadian Finance I would love to know!
This should be a mandatory watch in Canada
Hello Gabrielle, for the FHSA and TFSA, are these savings done from gross income? Im trying to understand how the tax saving is derived.
Thanks for your response or anyone else.
Hi, im such a newbie to all of this so would love if someone could it explain it to me. What would be the benefit of a person making an average wage(lets say $30-50k per year) contributing to their TFSA as opposed to just putting that money in to your normal chequing account in your bank?
Subscribed !
I have a legal basement suite with city permit(license) but not renting it out(in BC lower mainland). in this case can I still claim suite maintenance expenses?
Thank you 😊
Thsnk you!! Do gave recommendations for coaches and consultants outside of BC and Ontario who need tax help?
Can you do a video on estate planning?
Question is there a limit in how much of my RRSP contribution room can I deduct in one year? I have 60K in contribution room. Theoretically if I could put it all in to RRSP in one year could I use the full amount as a tax deduction in one year? If not where do I find limits?
Technically, yes, you can contribute the entire $60K amount and deduct it from the 2023 tax year. RRSP contribution room that you accumulate is carried forward to subsequent years. It would be a strategic move, especially if you are in higher tax brackets, to maximize rebates. Alternatively, consider spreading the contribution over a few years to take advantage of the higher tax brackets. Let's have Gabrielle confirm this, just to be sure :)
Great content as always. I’ve learnt so much from your videos. Do you do phone consultations ?
to be fair outside doctor and government official its rare to do over 100k...and even those are often at 80 to 95k
My gross revenue is $30k a year. How much federal taxes should i pay if any? Live in NS.